API Weekly Crude Oil Stock: 5.25M Barrel Draw Vs 2.667M Barrel Draw Est, 1.174M Barrel Build Previous
Portfolio Pulse from Benzinga Newsdesk
The American Petroleum Institute (API) reported a weekly crude oil stock draw of 5.25 million barrels, which is more than the estimated draw of 2.667 million barrels. This is a significant change from the previous week's build of 1.174 million barrels.
September 19, 2023 | 8:38 pm
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POSITIVE IMPACT
The United States Oil Fund (USO) may be impacted by the larger than expected draw in crude oil stocks reported by the API. This could potentially lead to an increase in oil prices, positively affecting USO.
The larger than expected draw in crude oil stocks indicates a higher demand or lower supply, which could potentially lead to an increase in oil prices. As USO's performance is directly linked to the price of oil, this news could have a positive impact on its stock price.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 80